UBS and Ant International have entered a strategic partnership. The aim is to explore blockchain-based cross-border payments, settlement, and liquidity management.
As per the Singapore-signed Memorandum of Understanding, Ant International is going to use UBS’s digital cash platform through Ant International’s own implementations to register global treasury operations on the blockchain. With this solution in place, the intention is to make the multi-currency fund flows visible and efficient. Also, make it secure without being affected by the usual cut-off times of transactions.
In detail, Ant International is going to integrate its in-house developed “Whale” treasury-management platform with UBS’s blockchain network. This connected system will handle tokenised deposits and real-time multi-currency transfers between Ant International’s entities. This development marks a significant step for blockchain payments in global finance.
Also, UBS emphasized that this partnership fits well with its overall goal of providing top-tier platforms. Also, provide improved global market access to its clients. Ant International commented that it is their conviction that the use of blockchain for payments and digital assets as revolutionary technology is what keeps them going with the project.
The partnership enables both companies to stay ahead of the competition as the global demand for faster and more transparent transactions grows. They are solving the problems of liquidity, cost, and time. This is achieved by implementing blockchain payments in treasury operations and cross-border settlements. It’s a matter of time until we see the widespread use of blockchain payments in the financial services sector.
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News Source: Businesswire.com
